12:19 17.08.2015

Deposit guarantee fund files 1,291 claims against persons guilty of bank bankruptcy

2 min read
Deposit guarantee fund files 1,291 claims against persons guilty of bank bankruptcy

The Individuals' Deposit Guarantee Fund has filed 1,291 claims worth UAH 115.9 billion against persons guilty of driving banks to bankruptcy, the fund said on its website, in response to a statement of Ukrainian Prime Minister Arseniy Yatseniuk that a public audit of the expenses of the fund is to be conducted, and bankruptcy cases of 56 banks are to be investigated.

The fund said that a total of 234 claims against the owners and heads of insolvent banks worth UAH 88.7 billion were submitted.

The fund said that it fully supports the government's position that guilty persons are to be punished, including the owners, top managers, and other officials of insolvent banks.

The fund also asked the government to accelerate the consideration of the claims by law-enforcement agencies and if there are grounds for an investigation the materials are to be handed over to the courts.

The fund said that in September, in cooperation with the International Monetary Fund (IMF), it plans to conduct two forensic audits and attract the Big Four audit companies. The goal of the forensic audit is to reveal the preconditions of the bankruptcy of insolvent banks.

The fund said that around UAH 45.7 billion was paid to the depositors of 56 insolvent banks, and UAH 31.1 billion will be paid in 2015. UAH 15.7 billion more is to be paid to depositors.

The fund said that it received loans of UAH 28.9 billion from the Finance Ministry in the form of government securities, including UAH 18.8 billion in 2015.

The average cost of Finance Ministry loans was 12% per annum, which will total UAH 1.3 billion this year.

The fund's expenses to service loans taken from the Finance Ministry and the National Bank of Ukraine (NBU) would amount to UAH 3.7 billion in 2015, and the current administrative expenses of the fund does not exceed 4.4% of the sum, and at present they total 1.8%.

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